Dear Huobi Users,
Huobi will support the rebranding of PGALA and facilitate the swap of PGALA into ROCK at a 1:1 ratio. The specific arrangements are as follows:
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The withdrawals and deposits of PGALA tokens will be suspended at 01:30 (UTC) on April 6, 2023. To convert PGALA, users need to deposit PGALA from external sources into Huobi before deposit suspension. Any deposits after the specified time will not be available.
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All PGALA spot trading pairs will be disabled and all pending PGALA orders (PGALA/USDT) will be canceled at 2:30 (UTC) on April 6, 2023.
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After the orders are canceled, snapshots of users' positions will be taken at 3:30 (UTC) on Apr 6, 2023. Users' PGALA will be converted into ROCK at a 1:1 ratio and all PGALA tokens in Huobi will be burned.
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The completion of the token conversion and the resumption of deposits, withdrawals, and trading of ROCK will be notified in another announcement. Please stay tuned.
Notes:
1. Users who hold PGALA are reminded to cancel all pending orders before the trading of PGALA is disabled. The system will cancel all PGALA orders at a specified time and automatically return the assets to your spot account.
2. The system will suspend the display of the PGALA price once trading has been disabled. PGALA will be excluded from the calculation of users' total balance, but your actual holdings will remain unaffected.
3. The repurchase and burn of PGALA will be disabled during the suspension and the original PGALA in the station will be fully burned after the conversion. The new token ROCK will no longer execute the plan of repurchase and burn.
4. Once the token conversion is completed, ROCK's fees will be standardized to the regular rate of 0.2% for both makers and takers.
5. After closing the PGALA deposit at 1:30 (UTC) on April 6, 2023, PGALA deposit will no longer be available and Huobi will cancel the redemption of PGALA deposit off-site.
6. The content of this announcement and other information on Huobi does not constitute investment advice. Huobi is not liable for direct or indirect losses from relying on such information. We are neither responsible nor liable for your trading decisions.
Huobi
April 3, 2023
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Huobi reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on Huobi. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.